On August 1, 2023, officials from India’s Enforcement Directorate, which is an arm of the Ministry of Finance, searched three properties related to Hero MotoCorp. Two of the visits were conducted at Hero offices in Delhi and Gurugram, while the third took place at the home of chairman, managing director, and Hero CEO Pawan Munjal.
The searches were conducted by the ED under the auspices of the Prevention of Money Laundering Act, according to official reports. The investigation of Hero and Munjal is related to a complaint alleged against a person close to Munjal, made by India’s Directorate of Revenue Intelligence. According to the complaint, that person was investigated for “carrying undeclared foreign currency.”
